5G Services Market Is Predicted to Grow At More Than 29.5% CAGR till 2032

As per a recent research report, 5G Services Market surpass USD 1.02 Trillion by 2032.

The growing regulatory support through policies and standards related to 5G deployment, spectrum allocation, and security will influence the market growth. To cite an instance, in August 2023, the Right of Way rules witnessed amendments for the telecom infrastructure for expediting the 5G rollout in India for offering ease of business operations. Several governments are also establishing cybersecurity and network resilience needs for 5G networks for protection against cyber threats to ensure network reliability in the cases of disasters or emergencies. The surging importance of regulations in shaping the 5G landscape will thereby prove favorable for the industry development.

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5G services market size from the fixed wireless access communication type segment is poised to record appreciable CAGR from 2023-2032. The growth can be attributed to the growing focus on expanding broadband connectivity and improving access to high-speed internet to support wide range of applications in the residential, business, and industrial sectors. The limitations of fibre-to-the-premises (FTTP) technology in helping individuals in accessing high-speed internet at home as well as at work will also influence the segment growth. To quote an instance, in August 2023, Bharti Airtel launched Airtel Xstream AirFiber, a 5G fixed wireless access service for allowing users in simultaneously connecting up to 64 devices with initial plans to provide speeds of up to 100 Mbps.

With respect to end user, the 5G services industry size from the healthcare application segment will witness significant momentum through 2032 propelled by benefits, such as improved patient care and better access to medical resources. The rising burden of chronic conditions has steered the higher need for 5G technology as it renders continuous monitoring of patients through wearable devices and sensors. The increasing trend of smart ambulances for revolutionizing emergency care to help medical staff in the early treatment of patients is another important factor driving the industry development. For example, in October 2022, Indian startup Medulance Healthcare collaborated with Reliance Jio to introduce a 5G- Smart connected ambulance to offer real-time and two-way audio as well as video communication along with live streaming of patient health data to distant doctors over the high-speed 5G network.

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North America 5G services market is expected to record USD 12 billion in revenue by the end of 2032 due to the presence of booming telecommunication companies including Verizon, AT&T, and T-Mobile. The rapid growth of smart cities, agriculture, and healthcare is driving the demand for 5G networks for supporting massive number of connected devices. Moreover, the extensive usage of smartphones, IoT devices, video streaming, and online gaming has led to the higher rates of data consumption in the region. As per Zippia, there were 307 million smartphone users across the U.S. as of 2022. The dire need for faster and more reliable connectivity to support these data-intensive activities will also add to the regional market growth.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    5G services market 3600 synopsis, 2018 - 2032

2.2    Regional trends

2.3    Communication type trends

2.4    Application trends

2.5    End-user trends

Chapter 3   5G Services Market Industry Insights

3.1    Impact on COVID-19

3.2    Russia- Ukraine war impact

3.3    Industry ecosystem analysis

3.4    Vendor matrix

3.5    Profit margin analysis

3.6    Technology & innovation landscape

3.7    Patent analysis

3.8    Key news and initiatives

3.9    Regulatory landscape

3.10    Impact forces

3.10.1    Growth drivers

3.10.1.1    Massive IoT expansion

3.10.1.2    Rising need for enhanced connectivity

3.10.1.3    Increasing adoption of mobile devices

3.10.2    Industry pitfalls & challenges

3.10.2.1    High infrastructure costs

3.10.2.2    Limited coverage and range

3.11    Profit margin analysis

3.12    Vendor matrix analysis

3.13    Growth potential analysis

3.14    Porter’s analysis

3.15    PESTEL analysis

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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